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06881 CGS
RTNominal down3.760 -0.090 (-2.338%)
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17/09/2018 11:26

[I-bank focus]Citi slashes CGS (06881) to HK$4.59

[ET Net News Agency, 17 September 2018] Citi Research lowered its target price for
China Galaxy Securities CGS (06881) to HK$4.59 from HK$7.1, and maintained its "buy"
rating.
The research house said CGS's 1H NPAT of RMB1.3bn accounts for 33% of FY2018 consensus
estimate. Key positives include: iInvestment banking income rose 97% in 2Q, and other
operating income was up 95%. Key Negatives: brokerage commission fell 22%, asset
management fee was flat, proprietary trading loss of RMB113mn, and net interest income was
down 41%.
Citi revised down its FY2018/19 earnings forecasts for CGS by 44%/ 33%. (KL)

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